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5 Things to Know Today About Your Money — May 12, 2026

  A lot is happening in the Canadian money world right now. From a new sovereign wealth fund you can actually invest in, to lower payroll costs coming your way, here are the five things every Canadian should know about their money today. 1. The Bank of Canada Is Holding Rates — For Now On April 29, 2026 , the Bank of Canada held its overnight rate at 2.25% (Bank Rate: 2.50%, deposit rate: 2.20%). Governor Tiff Macklem has flagged that the economy is growing at a moderate pace as it adjusts to U.S. tariffs, but inflation — now around 2.4% — is edging up due to higher oil prices tied to the ongoing Middle East conflict. The Bank projects 1.2% economic growth for 2026, picking up to 1.6% in 2027. What it means for you: Variable-rate mortgage and line-of-credit holders get a brief reprieve — but watch oil prices. If inflation keeps rising, a rate hike could follow. 2. Your CPP Contributions Are Getting a Cut in 2027 The 2026 Spring Economic Update proposes to reduce the base CPP con...
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Canada’s Labour Market Adds 90,000 Jobs in April, Surpassing Predictions

 


In a surprising turn of events, Canada’s labour market exceeded expectations by adding 90,000 jobs in April 2024. This robust growth comes despite earlier predictions of a more modest increase. Economists had anticipated a gain of only 15,000 jobs, but the actual figures far surpassed that estimate.

Here are the key highlights from the latest Labour Force Survey by Statistics Canada:

  1. Employment Growth: The Canadian economy experienced a significant boost, with employment rising by 0.4% in April. This positive trend follows six consecutive monthly declines in employment rates. Core-aged men (25 to 54 years old) and women both contributed to this growth, along with male youth aged 15 to 24.

  2. Part-Time Employment: The surge in employment was primarily driven by part-time jobs, which increased by 50,000 (1.4%) during the same period.

  3. Sector Breakdown: Several sectors saw notable gains. Employment rose in professional, scientific, and technical services (+26,000; +1.3%), accommodation and food services (+24,000; +2.2%), health care and social assistance (+17,000; +0.6%), and natural resources (+7,700; +2.3%). However, utilities experienced a decline (-5,000; -3.1%).

  4. Regional Impact: Ontario, British Columbia, Quebec, and New Brunswick led the way in employment growth. Ontario added 25,000 jobs, while British Columbia saw an increase of 23,000. Quebec and New Brunswick also experienced gains of 19,000 and 7,800 jobs, respectively.

  5. Unemployment Rate: Despite the employment surge, the unemployment rate remained unchanged at 6.1% in April. This stability followed a steady rise over the past year due to high interest rates affecting the economy.

In summary, Canada’s labour market demonstrated resilience and momentum in April, defying earlier projections. The unexpected surge in job creation bodes well for the country’s economic recovery, even amidst challenging circumstances.

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